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XLE

Energy Select Sector SPDRClose $62.04EOD only
Max Pain
$63.00
Next expiry Sep 28, 2026
Expected Move
±$0.72
1.1% from close
Price Gap
+0.96
Distance to max pain
IV Rank
27
Middle-high premium
P/C OI
1.72
Slightly put-heavy
Consensus
4.5/10
Range bias
Published snapshot: Sep 25, 2026 close
End-of-day snapshot

This page reflects XLE options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.

Published Snapshot
Sep 25, 2026 close
XLE Theta Report
Analysis based on market close May 13, 2026
DirectionalTheta GangFlowEarningsConsensus

Historical consensus-supported lens with full content, report chain context, and metric rail.

You are viewing an older report from May 13, 2026. A newer theta report is available for June 29, 2026.

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Theta Verdict

Attractiveness9 / 10
Sizing: Aggressive
Primary: Short Put Spreads
Invalidation: Spot breaks below $57 support
Confidence:
9 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); +0.5 spot 1.1% from MP; +1 VIX 18

IV Environment

IV Regime
Normal
IV vs VIX
IV 32.2% vs VIX 17.9, elevated
Favorable?
Yes

Term structure: Flat with near-term put skew; longer-dated IV lower

📈IV elevated vs VIX, term structure supports premium selling

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Pinning ($+28.7M)

Gamma flip: ~$52.50 — Approx — based on put OI concentration of 97,497 (8.9% below spot)

OI concentrations: Put OI floor $36-$52, call wall $65; max pain $57-$58 near spot

Verdict: High pin risk at $57 and $58 expiries due to large put OI and max pain

Premium Opportunities

#1
Iron condor
Sell 2026-06-05 $55.00/$50.50 put wing and $61.00/$64.00 call wing
Captures theta decay through dual wings, limited downside.
Credit: $0.67-$0.82
Max loss: $3.68
BE: 54.18 / 61.82
Mgmt: Monitor breakouts; adjust wings if spot nears $55 or $61.
#2
Put credit spread
Sell 2026-06-05 $56.00/$53.50 put spread
Sells put premium with bullish bias, defined risk.
Credit: $0.39-$0.48
Max loss: $2.02
BE: $55.52
Mgmt: If spot breaks $57.5, close or roll; watch expiration. Liquidity warning: Liquidity constraints: long_put: Wide spread (65%).

Risk Alerts

!High put/call OI ratio 1.75 indicates heavy put concentration, may amplify downside moves
How to Use These Reports
This theta reflects the market close on May 13, 2026.
What the reports do

Each report translates the same market-close options snapshot into a specific lens such as directional bias, premium-selling posture, flow quality, or earnings setup.

How traders use them

Reports are most useful for narrowing the playbook, surfacing entry and risk context, and deciding which raw data page to inspect next.

What to remember

These are interpretation layers, not execution guarantees. Validate the setup against chain liquidity, expected move, and exposure before sizing risk.

If the report conviction and the raw data disagree, slow down and resolve the mismatch before sizing risk.